Front Street MLP Income Fund II Ltd.

Front Street MLP Income Fund II Ltd.

March 25, 2011 13:49 ET

Front Street Announces Filing of Front Street MLP Income Fund II Ltd. Preliminary Prospectus

TORONTO, ONTARIO--(Marketwire - March 25, 2011) - Front Street Capital is pleased to announce the filing of a preliminary prospectus dated March 23, 2011 for a proposed initial public offering of equity shares of Front Street MLP Income Fund II Ltd. at $10.00 per share. Front Street MLP Income Fund II Ltd. has been created to provide investors with exposure to an actively managed, diversified notional portfolio (the "MLP Portfolio") of energy infrastructure master limited partnerships ("MLPs"). MLPs are U.S. limited partnerships or limited liability companies that are publicly traded on U.S. securities exchanges. MLPs are primarily engaged in the transportation, storage, processing, refining, marketing, exploration and production and mining of minerals or natural resources. Front Street Capital 2004 is the manager of the Fund, and SteelPath Fund Advisors, LLC is the specialist MLP portfolio advisor.

The Fund, through its exposure to the MLP Portfolio, will seek to provide investors with quarterly tax-advantaged cash distributions, initially targeted to be $0.13125 per quarter, to yield 5.25 % on the initial subscription price of an equity share, and provide long-term capital appreciation.

The proposed offering is being made through a syndicate of investment dealers co-led by CIBC, RBC Capital Markets and National Bank Financial Inc. and which also includes BMO Nesbitt Burns Inc., Scotia Capital Inc., TD Securities Inc., Canaccord Genuity Corp., Dundee Securities Ltd., GMP Securities L.P., HSBC Securities (Canada) Inc., Macquarie Private Wealth Inc., Raymond James Ltd., Wellington West Capital Markets Inc., Sherbrooke Street Capital (SSC) Inc. and Tuscarora Capital Inc.

A preliminary prospectus containing important information relating to these securities has been filed with securities commissions or similar authorities in each of the provinces and territories of Canada. The preliminary prospectus is still subject to completion or amendment. Copies of the preliminary prospectus may be obtained from one of the dealers listed above. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued.

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